Ariel emanuel, CEO of William Morris Endeavor

Washington [US], April 4 : Two iconic global sports entertainment brands World Wrestling Entertainment and Endeavor Group Holdings-owned Ultimate Fighting Championship (UFC) announced they have signed an agreement to form a new entity.The transaction values UFC at an enterprise value of USD 12.1 billion and WWE at an enterprise value of USD 9.3 billion.Upon the close of the deal, Endeavor will hold a 51 per cent stake in the new entity and existing WWE shareholders will hold the rest 49 per cent stake."Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution," a joint statement said Monday (local time).On a combined 2022 fiscal year-end basis, UFC and WWE achieved revenue of USD 2.4 billion and a 10 per cent annual revenue growth rate since 2019."This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed," said Ariel Emanuel, CEO of Endeavor.Together, UFC and WWE expect to deliver an estimated USD 50 million to USD 100 million in annualised run rate cost.The transaction has been unmously approved by the Executive Committee of the Board of Directors of Endeavor and by the Board of Directors of WWE.The transaction is expected to close in the second half of 2023."Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity. The new company will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands," said Vincent K. McMahon, executive chairman of WWE."I, along with the current WWE management team, look forward to working closely with Ari and the Endeavor and UFC teams to take the businesses to the next level," said Vincent K. McMahon.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :WWE and UFC merge to form USD 21 bln sports entertainment company

Washington [US], April 4 : Two iconic global sports entertainment brands World Wrestling Entertainment and Endeavor Group Holdings-owned ... ...